OPEC, Russia Said to See Oil Glut Dissipating at a Faster Rate

The latest discussions between OPEC and its oil-producer allies concluded that the supply glut is dissipating at a faster pace than previously anticipated. (Bloomberg) — The latest discussions between OPEC and its oil-producer allies concluded that the supply glut is dissipating at a faster pace than previously anticipated, say people familiar with the matter. After about four years of surplus, the global market will finally rebalance in the second or third quarter, earlier than previously estimated, said people familiar with the group’s deliberations. This conclusion follows multiple signals of tighter supply, including Brent crude briefly surging above $70 a barrel and oil stockpiles in developed nations falling by the most in six years. “We have seen a remarkable year in 2017 — the market of crude has been restored and went to healthy numbers,” United Arab Emirates Energy Minister Suhail Al Mazrouei said at the International Petroleum Week conference […]